Many people, including famous celebrities are hit hard in moments of lockdown and pandemic. All were locked at home, with no work, no excursions and nothing was permitted. In the end, many people lost their income. The crisis affected even those with high earnings suffered financially.
Let’s see who are the Celebrities That Got Ppp Loanin the United States .
What is PPP Loan mean?
The PPP in its entirety can be described as it is the Paycheck Protection Program provided by the United Statesfederal government during the 2020 pandemic. It is the PPP loans program announced with a massive amount of $953 billion.
It was made available to those who have profiles such as Self-employed, Business, Non-profit organisations (certain) and sole proprietors and other regulated companies as part of the Coronavirus Aid relief and economic-security Act.
Businesses are able to borrow money to pay for payroll as well as other obligations under The Paycheck Protection Program. The amount of a PPP loan is about 2.5 times the monthly average cost for payroll.
For more information on the celebrities with Ppp loans Continue reading.
There are some exceptional situations where the second draw may be permitted, in the same amount as the first. With the funds borrowed it is possible to pay your salary rent, interest, and even utilities.
The primary goal of this loan program was to ensure that small businesses with no capital gain funding to survive the Covid-19 epidemic. Additionally, it was designed to assist people or workers who are with these challenging situations.
The repayment of debt is typically tax-deductible, but it is not the same as the repayment of an PPP loan. Businesses that incur expenses that result in debt forgiveness may be removed from tax-deductible income.
Celebrities That Got Ppp Loan
Here’s a list of celebs who have taken PPP loans duringthe following:
- Khloe Kardashianis a reality TV star She is a recipient from the PPP loan program, and has was awarded $1 million.
- Reese Witherspoon is an actress, who owns a clothing line, and she has been granted a loan amount of about 350,000 dollars.
- Kanye Westreceived more than $2 million in amount of the loan. He is a musician and also owns the brand of clothing and footwear.
- Rapper Jay-Zis reported that he received $2.1 million from a company that he did not personally possess, but had some legal documents to demonstrate his ownership.
- A few of the famous people who received a PPP loanis Chris Harrison, a reality TV celebrity. He is the owner of Manly Bands, got a PPP loan of $173,287.
- Ryan Gosling is another actor who earned approximately. $21,599 in amount of the loan that was approved.
There are many more famous people that aren’t included in the above list.
Numerous celebrities have definitely had many celebrities have received the PPP loan. Some are sole proprietorships or a company. However, we’re not certain that they’re qualified as well as worthy beneficiaries of the loan as the reason for this loan was offer it to companies in need.